Fall Colors and Snow

Well the much-anticipated snow storm arrived on schedule last week and snowed off and on here for several days. Sunday morning it finally started to clear up so I drove up in the local mountains to take some very pretty pictures of snow-capped mountains blending in with the fall colors. It really is a magical time of year. But as the ground is still quite warm, all the snow down low has melted off. I do suspect that the higher elevations' north-facing slopes now have snow for the remainder of the year.

Last week's paper published the story that the Hotel Park City had signed an agreement with Marriott Hotels to be part of their flagship hotel chain. Well, this was a bit premature, as while the Hotel Park City is moving that direction and is close to signing, the deal has not been inked yet. From what I hear it is extremely likely this will happen and I think it will be a good benefit for condo owners at Hotel Park City as Marriott brings lots of name recognition and useful insights.

The big news this week is that the readers of Ski Magazine voted Deer Valley as the #1 Ski Resort in North America for the 5th season in a row. What makes this most remarkable is that no resort has received the #1 ranking 5 times, let alone in 5 consecutive years. Park City Mountain Resort received recognition as the #1 Family Resort and #6 overall. This is a tribute to not only our wonderful resorts, but also to the town of Park City, and all of the shop, restaurant and resort employees who strive to make every visitor feel welcome.

In other local news going on, grading for the Canyons Resort Golf Course is actually under way! Finally, after what seems to be an eternity of infighting, the various landowners have settled their differences and course construction has started. This will be extremely good news for Canyons Resort and owners of condos at Canyons Resort as this should make it a stand alone resort in Park City.

In other Canyons news in last week's post I had talked about the proposed lift connecting Canyons and Solitude Resort. This has been and continues to be a hot topic of conversation around town and interestingly enough in last Wednesday's paper there was a very well-written letter from a local skier in support of the lift. While he brought up many very good points I'm afraid that the majority of Parkites are either still against the proposal or at best skeptical. This debate reminds me of a debate that went on here in the late 1980s concerning the idea that Park City had of putting in a lift connecting Main Street  Park City to the resort. This lift as envisioned would cross Park Avenue (one of the main entrances into town) and unload right in the commercial district. At the time, I remember being quite surprised at how vocal and widespread the opposition to this was. Well, the lift did go in, the ski run crosses Park Avenue as does the lift and it accesses hotels and restaurants in downtown Park City. Since this has gone in I've heard no opposition, just kudos for what a good idea it was. Will this be the same result as the Canyons' proposal to hook up with Solitude? Who knows, but I will certainly keep you posted as to how it's going.

Other than that it's a pretty slow time of the year and everyone is just enjoying a bit of relaxation before winter madness starts. Wolf Creek Resort in southeastern Colorado received over 3 feet of snow and is the first resort in the US to open. I have seen several videos posted on the web of people skiing Alta so it's not far away. Continue working out and I look forward to seeing you skiing this winter.

It Was Only a Matter of Time

After quite possibly the most beautiful September on record, it appears this will all come to an end as the first significant winter storm is forecast for later this week. Heavy rains starting Wednesday, turning to snow Thursday with the snow level lowering to around 6,000 feet; well below Park City which is at 7,000'. While everyone will be sad to see these warm, beautiful cloudless days come to an end, it's also exciting to see the snow come as it is a preview to  the upcoming ski season. Come back next week for photos of snow-covered mountains combined with fall foliage, usually quite spectacular.

The other big news for the week here in Park City was an announcement by the Canyons Resort that they would like to connect the Canyons with Solitude Mountain Resort in Big Cottonwood Canyon by chairlift. Not surprisingly, the overall reaction has been less than warm. In fact, downright chilly. I say not surprisingly because as long as I have been in Park City (since 1984) there have been various proposals to connect some or all seven of the local ski resorts together. This can be accomplished with about four chairlifts and would make the most incredible ski resort in North America, if not the world. While this is quite common in Europe, connecting ski resorts owned by different entities is virtually unheard-of in the U.S. I only know of one that has done this, and that is Snowbird and Alta in Little Cottonwood Canyon here in Utah. The strongest and most vocal opponent to connecting the Canyons and Solitude is the Save Our Canyon organization. This is a group of backcountry skiers who strongly oppose any new development in either Little or Big Cottonwood Canyon and have been able to rally enough support to block any ski area expansion. I'm not sure that Talisker Corp, the owner of the Canyons Resort fully grasps the fight that they're going to have on this. In the 7 days since this announcement has come out, there have been two editorials and several letters in our local paper opposing the expansion and the Save Our Canyons organization has already posted this on their website and is garnering opposition. So this will be an interesting battle to see what happens, but I can assure you, it is unlikely that there will be a chairlift connecting the Canyons and Solitude for the next ski season. This will be a many year fight primarily because any proposed skiing and lifts crosses Forest Service land.

In real estate news, there was an article recapping last summer's visitor count here in Park City and while specific visitor numbers have not been tallied interviews with various hotel owners or management companies indicated that the summer was a mixed bag. Overall, visitor nights were up but not consistently throughout the summer and average daily rental rate was up only slightly if at all. For the upcoming ski season, the major holidays (Christmas, Sundance, President's week) are just about completely booked and I have heard the Deer Valley ski school is completely booked for Christmas. The trend for the last few years has been for winter visitors, other than for the major holidays, to book closer and closer to their actual trip. Generally waiting to see which resorts have the best snow, where they can get the best rates, etc. If this storm comes in this week as expected, we typically see a marked increase in phone reservations as early snowfalls usually makes national news and piques the interest of skiers.

So, winter is coming! Continue your workouts and I look forward to seeing you on the ski slopes this winter.

Early June in the Mountains

Summer arrived this weekend! With temperatures approaching 80 degrees the golf courses were busy and all the local pools were full of residents enjoying the beautiful warm weather. Driving around town the nursery was doing booming business with people planting spring and summer flowers. Everyone was in their yards, weeding, cleaning up, sprucing up in anticipation that summer will be here to stay. However let's not get too excited as the forecast is for rain and snow most of the rest of this week. After all, it is only the second week of June.

Still pretty early in the year for any big events in town although most of the restaurants have reopened. Last summer Park City allowed the Main Street restaurants to build temporary outdoor patios on the street to allow outdoor dining and take advantage of the nice days. While only two restaurants took advantage of this last year, this past weekend driving on Main Street i saw many more restaurants building outdoor dining decks which adds a nice little flair to Main Street and is a very enjoyable way to spend lunchtime.

This past Sunday one of our newer restaurants, Talisker on Main, started serving Sunday brunch, so I felt obligated to try it out. Typical of Talisker, there was nothing simple, common, or ordinary on the menu but all was fabulous. I felt obligated to try the Eggs Benedict which was very interesting. They served three Eggs Benedict, all differently. The first was the traditional, poached egg on ham on a muffin however it came with shaved asparagus as well. The second one was a fried quail egg on pulled pork on a muffin, and the third was a breaded and deep fried egg over country fried chicken on a muffin. All served with a cayenne hollandaise sauce. Quite interesting and quite delicious.

Real estate continues to be quite active with sales spanning the entire range of homes and condos. As would be expected a lot of sales in the lower end (under $300K) for condos and lots, but we also saw a ski-in/ski-out home in The Colony with an asking price of $7.5 million sell last week. Condos around the ski resorts continue to be some of the best buys. At the Canyons resort we have a new Hyatt hotel and the Waldorf-Astoria. These two very well-known name brands are attracting a lot of visitors to the Canyons and with the money and improvements Talisker has made to the base area, (and perhaps a golf course this summer) we may finally see the Canyons Resort becoming our third world class resort. At Deer Valley the Montage Hotel in Empire Pass sold out its first offering of 15 units. The Montage had offered some terrific incentives as far as pricing and buyer incentives to jump start their sales program. While I expect the second release to come out shortly with additional buyer incentives, I do not anticipate that they will be quite as attractive as the first one was. It will be interesting to see how this plays for future sales.

A very interesting opportunity is in lower Deer Valley in a project called Silver Baron. About three weeks ago there were twelve units that had been owned by the developer and taken back by the bank and were offered for sale either individually or as a lump group. A savvy investor came in and purchased all 12 of them at a phenomenally aggressive price and is turning around and offering a select number for resale.The attractive part is that the price that he purchased them for is allowing him to put them back on the market at a price that is far below what comparable sales were this last winter for Silver Baron. He is offering these with the stipulation of a quick close but to make that attractive he is offering to carry financing until the buyer is able to secure conventional financing. This is an opportunity to acquire a relatively new condo at the base of Deer Valley at a price we won't see again.

Now, this demonstrates the importance of working with a long-time experienced agent who is tuned into the local market and where the deals are to be found. Resort markets are fast moving and when opportunities pop up, they rarely last long.

I hope that your weekend was enjoyable and if you get out to visit Park City this summer, you'll either stop by my office or call to say Hello. Remember I am always available to talk about what events are coming up, new and old standby restaurants, as well as where to go for activities.

Fall In the Mountains

Last week I spoke about the Miner’s Day celebrations here in Park City, the parade, festivities in the park and the mucking and drilling contest.

September is a magical time of transition between summer and fall. The days are still quite warm and the nights are noticeably cooler. Because of the cold weather that we had in August, the oak and maple trees have turned and are dotting the hillside with reds and oranges. Hiking and mountain biking are the best right now, the trails are un-crowded and the contrast between the bright blue sky and colorful trees is something to behold.

The three Park City ski resorts are feverishly working to complete summer projects before the first snow of winter arrives. While the economic recession of the past year prevented any of the resorts from significant expansions, there is still much to do over the summer months. The resorts spend the off season doing maintenance on all the chair lifts, clearing aspen growth from ski runs, and general maintenance around the resort to ensure the best quality of experience for our guests. Starting around October we will see the influx of seasonal workers arriving in town. This is a fun time because there is a lot of energy in anticipation of the upcoming ski season.

The real estate market here in Park City continues to improve on a monthly basis. This past week there were two very strong condominium sales in the Empire Pass area of Deer Valley in the high 2-3 million dollar range. In addition, the Dakota Mountain Lodge at the Canyons has just been completed and buyers that have purchased there in the last two years are now closing in their units. This is particularly interesting, as one might expect buyers to be very nervous to be closing on a property that they wrote a contract on two years ago. Fortunately we are seeing the values hold and the buyers are realizing that their investment is still financially sound.

This past week I was asked to help a client find a ski-in/ski-out rental condo for the Christmas-New Years holiday week. I was very surprised at what few choices were still available. There were only about 6 condos still available with ski-in/ski-out access. This is great news, as it looks like visitors will be coming out again and are making plans well in advance.
Next week I will have the most recent statistics from August to share with-you so look for this information in next week’s blog.!

New Developments

The weather this first week of June is cool and rainy with a forecast of snow for this weekend, which is pretty typical this time of year. However, the last two weeks of June are historically the driest two weeks of the year, so we eagerly await the expected precipitation this weekend.
The past year has seen a flurry of activity at the ski resorts with new condominium project developments. In the Empire Pass area of Deer Valley a new condominium project called Flagstaff is well under way with an expected completion date of late fall /early winter 2009. Flagstaff offers 3 and 4 bedroom condos with direct ski in/out access and ranges in price from $3,300,000 for a 3 bedroom to $6,000,000 for a 4 bedroom penthouse unit. Flagstaff is a part of The Talisker Club which offers a “members only” lounge on the mountain at Deer Valley Resort as well as access to the Mark O’Meara designed Tuhaye golf course which includes a clubhouse with a restaurant, spa and pool.

At The Canyons Resort several new condo projects are under construction or nearing completion also. Most noteworthy is The Dakota Mountain Lodge which features the Golden Door Spa which will be managed by the Waldorf-Astoria chain. With Talisker Corporation (the developer of Tuhaye Golf Course and the Empire Pass developments at Deer Valley) recently taking ownership at The Canyons resort and the addition of the Golden Door Spa and Waldorf-Astoria, it appears that The Canyons Resort will rightfully claim a spot as our 3rd world class destination resort.

In addition to Dakota Mountain Lodge other new projects at The Canyons are Sunrise @ Escala which features 1-2 bedroom condos starting at $695,000 and Juniper Landing which features 2-3 bedroom condos starting at $825,000. These condominium developments are all located in a new village just below the base area of the resort and will be connected to the ski area with a new chairlift that will be under construction this summer. Also planned for this development is a resort golf course that will wind among the condominium developments.

Park City is continuing to grow and prosper and this would be a terrific summer to come out and see what is new here to get a feel for where we are heading. It will not be long before the resorts are completely built out and the only properties available will be re-sale properties.

Springtime

Spring has often been described as a battle between winter and summer. No where is this more true than here in the mountains. Last Saturday was a picture perfect day with record high temperatures in the 60’s and yesterday we received 28 inches of new snow at Alta. Spring is the time of the year where one day you are skiing in a turtleneck and windbreaker and the next day hat, goggles and full winter gear. This is what makes spring skiing so fun.

For the past year I have been saying that we may be looking back to this time as the opportunity to have purchased resort real estate at bargain prices. With the stock market slowly heading upward for the past two weeks and news reports that new housing starts were up in Feb and sales of existing homes were very strong, this prophecy may be becoming true. While it certainly continues to be a buyers market here in Park City as well as the other western ski resorts, I have definitely seen an increase in activity. Here in Park City I have seen the number of contracts written and accepted slowly increase. I have also been receiving calls much more frequently to show my listings and for information regarding them. While we certainly have not turned the corner to becoming a sellers market, we very well may be nearing the bottom of this buyers market. One of the signs that we may be nearing the bottom is that I am seeing a large increase in purchases by investors. These investors have been sitting on the side lines waiting for the right moment and their move tells me that this is the right time to purchase. Time will tell. But with the extremely low interest rates, a good selection of properties on the market, and sellers willing to negotiate, we could be looking back to this spring and saying “Why didn’t I purchase then?”

All three of the park city ski resorts, Deer Valley, Park City Mountain Resort and The Canyons are scheduled to close on April 12th. With just 2 and ½ weeks left to our ski season come out visit us and take advantage of these days.

Culinary Adventures in Park City

Last night I joined some clients for dinner at the Viking Yurt at The Canyons. For anyone visiting Park City during the ski season, the Viking Yurt dinner should be high on their list of places to go.

The meal begins with a sleigh ride from the base of The Canyons resort to mid-mountain at about 8,300 feet in elevation. The sleigh holds about 30 people and is pulled up the mountain by a Snow Cat. This in itself is quite enjoyable, cruising up the ski runs after dark, enjoying the lights from the town below. After about a 2- minute sleigh ride we arrive at the Viking Yurt. The Yurt is a round, tent-like structure, with wooden support beams, a pot-bellied stove for heating and a small kitchen. The Yurt has no electricity or running water, so it is lit by gas lanterns and the meal is brought up by Snow Cat during the evening. Coming in from the cold to the warm Yurt, we are warmly greeted by the hostess, who presents us with a steaming mug of hot grog. There are 4 tables in the Yurt, each seating around 10 people. So unless you have a large group, you will enjoy your meal with soon-to-be new friends. As most are visitors from around the country, conversation is lively and topics range from the day’s skiing to current events. We are treated to a 4 course dinner and the meal is always extraordinary, and last night was no exception. At the end of the meal, and several bottles of wine, we board the sleigh for a beautiful trip down the mountain to the base. This is such a different and relaxing way of dining, a far cry from the hustle and noise of Main Street.

Another dining experience not to be missed is the Fireside Dining at the Empire Lodge at Deer Valley. The Empire Lodge is located at about 8,500 feet up on the mountain, but is accessible by car. The Empire Lodge, which is one of Deer Valley’s Day Lodges, is transformed from the day cafeteria style meal to this fine dining experience. The Empire Lodge boasts five very large stone fireplaces and all of the meals are prepared at the fire places, thus the name “Fireside Dining”. The first station is Swiss Raclette. For this several large bricks of cheese are hung by hooks in front of the fire. The heat of the fire melts the cheese and it drips onto plates, which the quests will then pick up and add to it all of the condiments one would expect for raclette. The second station is hearty stews and soups. Here, several large cast iron pots are hung from the fire with a variety of delicious soups and stews. At the third station, a leg of lamb is hung in front of the fire and slowly spun to cook evenly and deliciously. The fourth and final station is my personal favorite…dessert of course. Here we have several fondues, chocolate, white chocolate and caramel with a variety of fruits and Deer Valley cookies. During the dinner your group can take a short break and go for about a 20 minute horse drawn sleigh ride around the base area and some of the ski runs. On a snowy night this will be a memorable experience.

Other adventures around Park City include early morning hot air balloon rides, snowmobile tours in the back country, and cross country skiing or snowshoe trips in either the Park City Mountains or the surrounding Uinta Mountains. These can either be guided, or for the adventurous, you can strike off on your own. Being a true destination resort, we understand that not everyone comes to ski, or wants to ski everyday. The days are getting longer, the sun is higher in the sky, so plan your trip to Park City. But leave time to try something different.

Ski Free in Park City

Did you know that you can ski free at any of the three Park City resorts? The Park City Chamber and Visitors Bureau in partnership with our three resorts, Park City Resort, Deer Valley Resort and The Canyons Resort offer a free lift ticket for guests skiing the same day that they arrive. This is our way of showing just how easy it is to get to Park City and that from just about anywhere in the US, a visitor can leave their home in the morning and be on the slopes of any one of our three resorts that afternoon. To get the free ticket one needs to fill out a questionnaire, show their boarding pass or some other proof of flight arriving that same day, and an out of state drivers license or other ID. To see more details on this, (There are some black out dates) and to get the form to print out, go to my website, www.DennisHanlon.com, and click on the Ski Free button and follow the instructions from there. Utah and Park City are so easy to get to that we want to reward our visitors with this treat.
After nearly a week of beautiful sunny weather, snow has once again arrived. It has been snowing all day today and the forecast is for snow for much of the next 7 days. This is a perfect time to come out and experience Utah powder.
Not surprising, real estate has been slower than normal this ski season, but not dead. Properties are selling, Sellers are negotiating their price and Buyers are picking up excellent bargains on ski homes and condos that most certainly will increase in value over the next few years. If you have ever considered purchasing a vacation home in a ski town now is the time to do it. Mortgage interest rates are extremely low and real estate prices are similar to what they were in 2005. If you would like more information on what I consider to be excellent investments, please contact me by email at Dhanlon532@aol.com or by phone at 435-640-5851. I look forward to hearing from you, but most of all hope that you do visit Park City and take advantage of the fabulous skiing.

#1 Again

For the second year in a row and the 4th out of the last 8 years, the readers of Ski Magazine have voted Deer Valley as the # 1 ski resort in North America! Deer Valley was ranked ahead of Vail,# 2 and Whistler/Blackcomb # 3. Deer Valley's founder, Edger Stern, built the resort on the premise that skiers are looking for more than just a place to put on skis and slide on a mountain. Edger put customer service as his top priority and the results have paid off. Today's guest has come to expect a superior level of guest service, from the ski instructors, to lift attendants, to restaurant employees, to grooming. Deer Valley consistently is ranked the # 1 resort in these categories. Even though the resort has a reputation as being a 'tame' mountain, (wrongly so), our guests are looking for a vacation experience for the entire family. (if you are under the impression that Deer Valley is just a groomed intermediate mountain, come spend a day skiing with me)

Park City Mountain Resort climbed from # 6 last year to # 5 this year, and The Canyons moved from # 18 to # 13. With our consistent and high quality snow, ease of getting here, a vibrant town and many high quality restaurants, visitors realize that Utah and Park City can always be counted on for a wonderful experience. The October issue of Ski Magazine comes out later this week and it is the most read issue of the year. Skiers are now planning their vacations for the year and are looking for the poll, but more importantly, the readers comments on their experience. When reading the polls, it is interesting to see that the visitor is looking for more than just skiing. They are looking for town, a variety of activities other than skiing, quality lodging, and ease of travel. We are finding that travel has become so cumbersome lately, that families are looking for resorts with direct flights. Having to make connecting flights to resorts, with airline delays, weather delays and the hassle of the airports is just not acceptable any longer. Salt Lake City, with it's international airport and only an easy 30 minute drive to Park City makes us the easiest resort to visit in the West.

Spring Skiing?

While the calendar may say it’s April 1, it feels more like December. After about a foot of new snow over the weekend, we woke up to temperatures near zero this morning which is making for incredible skiing for this time of the year. This year it appears that true spring skiing is still several weeks away. Visitors to town are enjoying uncrowded slopes and perfect ski conditions, very unusual for this time of the year. With only two weeks to go to the end of the ski season here for the local resorts, this past week saw the town alive with spring festivities. We had concerts Thursday, Friday, and Saturday nights on Main Street, and the Canyons held their traditional pond-skimming contest on Saturday. For the pond-skimming competition, the resort digs a large pond out of the snow, lines it with plastic, and fills it with water. The goal then is for skiers to ski down to the pond and maintain enough speed and balance to make it all the way across. This rarely happens. The event is filled with laughter, music, and many very wet skiers in a variety of costumes. If you ever have a chance to see one of these events, make a point of it.

Recently, the IRS has clarified some of its rules regarding 1031 “like-kind” exchanges and the ability of owners to use their property. The IRS has ruled that as long as owners have their property available for rent at market rates, they may use it for up to 14 days per year plus reasonable days for maintenance and upkeep and still qualify as an exchange property. As always, it is important to document usage, stays for maintenance purpose and amount of time the property is rented each year. Check with your accountant or an exchange accommodator for full details on these new rulings.

April 2008

As we wrap up the 2007-2008 ski season, it’s a good time to reflect on the past year. The skiing was the best it has been in many years with what seemed like snow every day from mid-December until February. Long-time visitors to Park City rediscovered our famous powder skiing and first-time visitors discovered what Utah skiing is really all about. It seemed like every other day in January we were saying that it was the best day of the year. All of the snow and all of the publicity brought record numbers of visitors to town. It will be interesting to see the final visitor nights but from what management companies have been telling me, this was their busiest year ever. And from the difficulty that I had showing properties, this was certainly true from my perspective. The ski shop owners are all smiles. Visitors to town were buying new skis, new ski outfits, and of course, everyone needed accessory items like gloves, hats, and goggles. This has certainly been good news to condo owners, store owners, and restaurant owners as news of economic downturns throughout the rest of the country seem to be the headlines every other day.

All of the Park City resorts are scheduled to close April 13, even though we will have around a 10-foot base and incredible skiing. Starting Monday, April 14, not only will the town be quiet from lack of visitors, but the residents will be headed south for warmer climates in an attempt to thaw out their frozen bones. Mid-April through May is definitely the quietest time of the year in Park City. Time for everyone to catch up with old friends, swap stories of the winter, and make summer plans. Quite humorously, I just received the schedule for the Men’s Golf Association and the first tournament is scheduled for April 27. Considering that there is still three feet of snow on the golf course and it is not melting quickly, I don’t see much chance of this occurring. Spring is the time for everyone to recoup, recharge the batteries, and prepare for a busy summer season. Now is the time to make your plans to come out and visit Park City and experience summer in the mountains.

Talisker Purchases the Canyons

The big news in Park City this week is that it appears that Talisker is set to purchase the Canyons Resort from American Ski Corp. This past year has seen a hotly-contested fight between Talisker Corp, a Toronto-based real estate developer, and Vail Resorts, for the rights to purchase the Canyons Resort. With recent court rulings and the dropping of objections from other land owners, Talisker is now in line to close on the purchase. While the sale of the Canyons to either Vail or Talisker was good news for the struggling resort, Talisker brings to the table the financial backing to finally bring the resort up to its potential. The first thing that we should see is increased snowmaking, better foodservice in the restaurants and more attention to customer service.

As the ski season enters its final month of operation, we are seeing several developments on the mountain offering terrific incentives to buyers to purchase this year rather than waiting. These incentives are often a combination of discounted price and attractive financing opportunities. At the same time, owners of resale properties are often more motivated on their price and willing to look at and negotiate offers. All of this adds up to spring being a terrific time to look at and purchase a ski property.

This winter continues to be terrific in terms of snowfall and visitors to town. Even though it is March, we continue to receive a fresh coating of snow every few days. The surface conditions on the resorts are much more like winter conditions than the wet spring snow that often occurs in March. With the longer days and warmer weather and excellent skiing conditions, this is a great time to come visit and see what Utah skiing is all about.

It's Snowing!

IT’S SNOWING IN PARK CITY! We received about a foot of snow over the weekend and the forecast is for continued snow with up to six feet in the next two weeks. Park City and the Canyons are both open with limited terrain and Deer Valley opens Saturday, December 8. With continued snow and cold weather, the resorts will be opening new terrain almost daily. Click on the ski resorts button the left side of this page for the most current and accurate conditions, or call me and I will give you a first-hand report on what is happening.

In real estate news, I attended a presentation for the new Flagstaff condominium project in Empire Pass. Flagstaff is the latest of the East West Partners developments at the base of the Silver Strike lift in Deer Valley. Flagstaff will consist of 37 two-, three-, and four-bedroom condominiums with over 5,000 square feet of gathering spaces for its guests. The gathering spaces will include a pub, the first in Empire Pass, a children’s center, and a gathering and relaxing room for adults. Prices start at $2,310,000 for a two-bedroom, $2,860,000 for a three-bedroom, and $5,000,000 for a four-bedroom plus loft. Reservations for this project will start on the 19th of December and East West is offering a 7% discount to the first seven buyers. If you would like more information on this development, any of the other new developments at the ski resorts, or excellent opportunities in the resale market, give me a call or stop by my office when you’re in town.

December 2007

Did you know that you can ski free at Park City, Deer Valley, and the Canyons resorts? The three Park City resorts have a ski-for-free promotion to emphasize just how easy it is to get here from anywhere in the country and ski the same day. To take advantage of this program all you need to do is to fill out a voucher (click here for more information), bring in your same-day boarding pass, and an out-of-state photo ID. Bring these three items at any of the ticket booths at any of the three Park City resorts and you will receive a free lift ticket for that day.

December is the start of the ski season with Deer Valley opening December 8, and both Park City and the Canyons Resort already open. After a warm and dry November, December has started as its typical cold and stormy month. We received about a foot of snow this first weekend, and the forecast is for a series of storms to blow through in the next few weeks. As is typical, the week between Christmas and New Years, the town is booked full. However, there is still plenty of lodging available before Christmas and a great time to ski with little crowds.

In real estate there are several new developments either available now or within the next couple of weeks at all three resorts. As land and construction costs continue to increase, the new developments are becoming quite pricey, which makes many of the resale condos particularly good deals. For the most part, resale homes and condos can be purchased at below replacement costs. As the resorts continue to grow and prosper there is good opportunity for appreciation with these resale properties. Before Christmas and the first couple of weeks in January are typically a little slower here and are excellent times to get in and see what is available before the holiday rush.

Big News at the Canyons!

The headline news this past week is that the disputed sale of the Canyons resort to either Vail or Talisker is closer to being resolved. Both Talisker Corporation and Vail have been battling each other all summer for the rights to purchase the Canyons resort. Earlier in the summer, Talisker had announced that it had reached a deal with American Ski Corp., the current owner of the canyons to purchase the resort for $100 million. Immediately after this announcement, Vail resorts claimed that they had rights to purchase the resort and filed a motion in federal court in Denver to block the sale of the resort to Talisker. At the end of October, after hearing arguments from both sides, the federal court ruled that Vail had lost out in a fair, competitive bidding situation, and that the court would not block the sale of the Canyons resort to Talisker Corp. While there still are some hurdles to overcome, this was a significant step for Talisker to proceed with the purchase. Talisker is hoping to complete the purchase before the end of this year.

As a result, savvy investors are looking to properties at the Canyons resort, either the new developments at the base or vacant land in the Colony, as an excellent investment opportunity. With the federal reserve having cut interest rates again, and the overall real estate market slower than in the past years, this appears to be an excellent time to invest in Park City.

Number One Again!

Each year in its October issue, SKI Magazine publishes rankings of the major ski areas in North America based on reader input. This year Deer Valley is once again rated the number one ski resort in North America. The poll is based on input from readers of SKI Magazine who answer a survey asking them to rate resorts that they have visited. Deer Valley was rated number one in 11 of the 18 categories surveyed. These included grooming, on-mountain food services, and guest services. While all the categories are important in the ranking we are especially proud of the guest services ranking. Since its inception, Deer Valley has strived to set the standard for guest services and remarkably, over the last 26 years, has maintained the standard. Guests coming to Deer Valley are always impressed by the friendliness and helpfulness of all the resort staff. From ski check attendants to lift operators, restaurant personnel to mountain hosts, Deer Valley hires with the expectation that their guests will be treated as if they were staying in a fine hotel. This commitment to service and quality of ski experience has proved to be a winning combination as Deer Valley’s skier numbers increase every year and it has been rated the number one North American ski resort three out of the last seven years.

This commitment to excellence has translated to booming real estate sales in Deer Valley. The new Empire Pass area has been exceedingly popular with most of the condominium buildings selling out prior to completion of construction. Empire Pass features a variety of ski-in/ski-out condominium buildings, townhouse condominiums, and single family homes. Last winter, the first phase of single family homes, The Paintbrush at the Village at Empire Pass, sold all of their 18 homesites. This winter, there is a new area of homes called Nakoma. There will be 16 homes built with direct ski-in/ski-out access to the new Lady Morgan Express chairlift. These homes will be around 5,000 square feet, of the quality expected of Deer Valley, and all will have spectacular views of the ski runs of Deer Valley and the town of Park City.

With fall quickly arriving, we had our first frost this morning. We are seeing an increase in buyers looking to pick up a ski condo for this winter. This past week we have seen several condominiums in both lower and upper Deer Valley have contracts accepted. Our fear for this winter is a lack of inventory. The number of condos listed for sale is about 25% less than we had at this time last year. While there still are some excellent opportunities, they are selling faster than new units are coming on the market.

September is one of the most beautiful months in Park City, with daytime temperatures in the mid 60’s to 70’s, and chilly nights. The fall leaves have started to turn, which makes hiking and biking the local mountains especially beautiful. This is a great time to come out and visit, to enjoy fall in the mountains, and to see what’s new at the ski resorts and real estate opportunities at the various resorts.

Big Changes at the Canyons

The big news this week is that American Ski Corporation the owner of The Canyons resort here in PC, has sold the ski resort to Talisker Group. Talisker is a Toronto-based real estate development company that is developing the new Empire Pass area at Deer Valley as well as the Tuhaye golf course. This is exciting in that Talisker will bring an influx of money and renewed energy to the Canyons. For several years now, American Ski Corporation has been struggling financially, which left the Canyons resort in limbo. There is tremendous development potential at the Canyons, but ASC did not have the funds to realize this. While Talisker has not and is not a ski area operator, the bet around town is that Vail resorts will take over the day-to-day operations of the resort. Tune in for more details on this.

Summer is in full swing here, with music and art festivals weekly. The mountain trails are full of hikers and bikers, the golf courses are running at capacity, and the various pools around town are full. Come out, enjoy the cool mountain summers, and find out about exciting opportunities at the Canyons resort, Deer Valley, and Park City resorts.

Summer Activities Begin!

The biking and hiking trails have all dried out from the winter snow and the summer flowers are beginning to bloom. This is a wonderful time to explore the many miles of trails in and around the Park City area. The aspens and oaks provide cool shade while the columbine and paintbrush provide brilliant displays of color through the forest. From now through fall, the biking and hiking trails will be full of people taking advantage of the beautiful mountain summers. In addition, Deer Valley, Park City, and The Canyons resorts have all opened their lifts for lift-served mountain biking, hiking, or just a scenic ride. In Deer Valley, Royal Street Café at mid-mountain is now open for lunch, with outdoor dining overlooking the slopes. Park City base area is open, with the Alpine Slide, Zip Line, Alpine Coaster, climbing wall and many other activities for children and children of all ages. The Canyons resort is offering the gondola, open for scenic rides, hiking and mountain biking, and the Red Pine Lodge, located mid-mountain, is now open for lunch. The mid-mountian lodges at both Deer Valley and The Canyons are in spectacular settings and offer a cooler and less hectic alternative to dining in downtown Park City.

Through the remainder of June through most of July, the wildflower season is in full bloom. If you have not seen an alpine meadow with all the wildflowers in bloom, you need to put this on your life’s To-Do list. The full spectrum of colors set against mountain peaks are truly spectacular and worth the effort to get there. This is shaping up to be a terrific summer, full of concerts, festivals, and a full array of activities. Plan your trip to visit Park City and the mountains and you will understand why we live here.